Dalian Wanda Group Co. to invest $11.6b to prop up Shenyang city
Dalian Wanda Group, a primarily real estate conglomerate founded by Chinese billionaire Wang Jianlin, has announced an 80-billion-yuan ($11.6 billion) investment plan.
The firm will be invest the money in Shenyang, capital of Northeast China's Liaoning Province. It has already invested 25 billion yuan ($3.63 billion) in the city.
The company plans to build a world-class cultural plaza, which will contain facilities including a sports park, holiday hotel clusters and a cultural tourism city. Wanda also plans to build an international hospital, an international school and five Wanda commercial plazas.
Dalian Wanda Group has been investing in Shenyang for 18 years.
Dalian Wanda Group has been actively selling off its domestic and overseas assets, which is reducing its debts. The group posted its third year of revenue decline in 2018, amid a government crackdown on leverage and overseas acquisitions.